Finding the Perfect Agent Can Take a Few Tries

Not all Real Estate Agents are created equally. Some of them will put your property on the market and wait for it to sell, while others will create a marketing plan to get your facility sold fast. This is also true of buyer’s agents. Some agents will show you a few self-storage facilities every now and then when you ask them to. While other agents will call you with new listings and cold call prospective sellers and work to help you find the best deal out there. In other words, some agents are very pro-active about how they can assist you, while others want to do the least amount of work possible. You need to find the right agent for what you need.

When you are working in commercial real estate, you want to find an experienced agent. You do not want to be the one who trains an agent on how to do their first commercial deal because it will cost you time and money. Inevitably, there will be something that they do not know how to do and while they are figuring it out, you will lose out. Make sure that you find someone who has done several self-storage facility transactions or even better someone who specializes in self-storage facilities. If you are in a smaller market, you may have to settle with an experienced commercial agent. However, in larger markets you should be able to find someone who has done self-storage before.

When you are purchasing a self-storage facility, especially when you are purchasing a facility out of your local area, you are relying on your agent’s expertise and advice to make informed decisions. If they do not have any experience, then they cannot offer you that advice. You also want to be able to rely on their relationships when you are branching out to a new area. Make sure that you have an agent with connections to builders, lenders, and potential property managers. You have to be able to rely on your agent when you are working out of state because they are your feet on the ground in that location.

Always interview more than one agent. You may end up working with the first agent that you called, but you want to verify what you are being told. If you get vastly different information, then you may want to call additional agents until you get answers that are all starting to sound the same. This is a great way to educate yourself on the market. Find out what is happening in that area. Are properties selling fast? What is the average cap rate in that area?

Do not be afraid to ask the agents questions. You are interviewing them for a job. Remember, they will be interviewing you too. Good agents want to make sure that you are worth the time that they are going to invest in you. They want to know that you have the ability to close on a transaction if they bring you a great opportunity. You want to make a good impression too.

Ask the agent what their area of expertise is. Ask them how many self-storage transactions they have done overall and in the last year. Ask them if they have any self-storage properties listed right now that you might be interested in. Ask them how they find self-storage properties in that area. Are they actively looking for more self-storage properties to list? You want someone who knows the self-storage world in that location. You want someone who mingles with the right people so that they can put you in touch with the right team.

Often you will think that you found the perfect agent because they start out great and then they stop returning phone calls the same day or at all. And then they stop sending you properties to look at and then… When this happens, it is an indication that you need to move on to the next agent. Do not let it affect you. It has nothing to do with you, some agents just are not cut out for what you need. Simply repeat what you did the first time until you find another agent that seems to be a good fit and try again. You will find a great agent. It may not be the first time and it may not be the fifth time. The important thing is for you to keep looking until you find the agent that is a perfect fit for you. As always, happy investing.